U.S. equities sank following the Q2 GDP upgrade U.S. equities sank following the Q2 GDP upgrade as it was below expectations, though Q1 was nudged back up into the black and jobless claims rebounded from lows. On balance the data appeared to back a September Fed hike, which dented investor confidence. The Dow is 57-points lower, S&P sank 8-points and NASDAQ is 9-points lower in pre-market action. Europe is in shallow positive territory after a wide mix of data, with the Euro Stoxx 50 0.2% firmer and the UK FTSE +0.7%. Chinese stocks were again more defensive after the Shenzhen sank 2.9% and Shanghai Comp dove 2.2%, though Japan's N-225 rallied 1.0% in line with the weaker yen. In corporate news, Facebook skidded 2.3% on a drop in profits, Whole Foods dove 14% amid slowing same-store sales, but Sketchers rallied 12% on a jump in revenues. Cigna and ConocoPhillips also beat.

U.S. Q2 GDP bounced to a 2.3% growth rate U.S. Q2 GDP bounced to a 2.3% growth rate. But Q1 was revised up to a 0.6% rate of growth, erasing the 0.2% slide in Q1. Benchmark revisions go back to 2012 and show growth of 2.1% from the end of 2011 through 2014, slower than the 2.4% pace previously. Fixed investment rose 0.8%. Meanwhile, the chain price index surged to a 2.0% clip versus a 0.1% Q1 increase (revised from unchanged previously), with the core rate now at a 1.8% pace versus 1.0% previously (revised from 0.8%).

N.Y. FX Outlook N.Y. FX Outlook: The dollar rallied further overnight, following gains made in the aftermath of the FOMC announcement on Wednesday. EUR-USD fell to 1.0943 lows in London, while USD-JPY advanced to near 124.40. Focus will be on the advance Q2 U.S. GDP report, along with weekly jobless claims, both at 8:30 EDT. Yields are a touch lower into the open, while equity futures indicate a flat Wall Street open.